Highest yielding money market account rates in Minnesota

September 4, 2009 No Comments »

Below are the highest yielding money market account rates serving citizens of the state of Minnesota.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Minnesota, we have found that in most instances you will be able to lock in more competitive rates with local institutions (if you are eligible for membership). Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market account interest rates.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 MMA (money market account) rates in Minnesota:

(click on the institution for more information)

  • Cook Area Credit Union: Cook, MN. Money market account yielding up to 2.43% APY depending on your minimum balance. The interest rates are set up in four tiers. The first tier yields no interest if your balance is between $0-$999. The second tier yields 2.02% APY if you balance is between $1,000 and $9,999. The third tier yields 2.18% APY if your balance is between $10k and $24,999 and the fourth tier yields 2.43% APY if your balance is above $25,000. You are entitled to three withdrawals per month with a $10 service fee on each withdrawal after the third. Also, if your balance falls below $1,000 not only will you accumulate no interest you will also incur a $10 maintenance fee. For membership eligibility contact: (218) 666-5940
  • Concorde Bank: Wilmar, MN. Money market account or “Super Now Checking” account yielding 2.12% APY with a minimum balance of $10,000 or more. You will earn a lower interest rate (not disclosed) if a balance of $10k is not maintained. They only require a $500 deposit to open this account, however, if you’re account balance sits below $1,500 you will incur a $7 maintenance fee. Concorde Bank has been around since 1910 and has two branch locations, one in Blomkest, the other in Wilmar, Minnesota. Contact info: (320) 222-6111

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Minnesota and know of a better money market rate offered through your local bank or credit union, please share by leaving a comment.

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